American Express Cobalt® Card vs Scotia Momentum® Visa* Card: Which one is better?

Annual Fees and Requirements

The American Express Cobalt Card and the Scotia Momentum Visa Card have a significant difference in annual fees. The Cobalt Card comes with a higher annual fee, reflecting its premium offerings and benefits. On the other hand, the Scotia Momentum Visa Card has a much lower annual fee, making it more accessible to a broader range of users. The Cobalt Card does not specify income requirements, while the Momentum Visa Card requires a minimum income, potentially restricting eligibility for some applicants.

Rewards Comparison

The American Express Cobalt Card offers a robust rewards program, particularly excelling in categories like dining and groceries, with higher points per dollar spent. This card also features a substantial welcome bonus for new users. Conversely, the Scotia Momentum Visa Card focuses on cashback rewards, providing a straightforward return on purchases like gas, groceries, and recurring bills. However, even if the Cobalt points are turned into cash, which isn't the best redemption method, the overall reward would still be substantially higher than what the Scotia Momentum offers for average spend users.

Reward Redemption Options

The American Express Cobalt Card provides flexible redemption options, allowing cardholders to convert points into travel rewards, statement credits, and more. This flexibility can be a significant advantage for those who frequently travel or seek to maximize the value of their rewards. In contrast, the Scotia Momentum Visa Card offers cashback that is typically redeemed once a year as a statement credit. While less flexible, this straightforward redemption is ideal for those who prefer a simpler rewards structure.

Benefits and Insurance

The American Express Cobalt Card outshines the Scotia Momentum Visa Card in terms of benefits and insurance coverage. It includes comprehensive travel insurance, purchase protection, and extended warranties, making it a strong choice for frequent travelers and those seeking extensive coverage. The Momentum Visa Card offers basic insurance, covering essentials like purchase protection and extended warranties, but lacks the more extensive benefits found with the Cobalt Card.

Card Network and Acceptability

The American Express Cobalt Card and the Scotia Momentum Visa Card differ in their acceptance. Visa is widely accepted globally and across a broad range of merchants. However, American Express is not as widely accepted, especially by smaller merchants, making the Cobalt Card less accepted than the Momentum Card. Therefore, it makes sense to carry a backup card alongside the Cobalt for situations where it isn’t accepted.

Conclusion

For most users, the American Express Cobalt Card is the better option due to its superior rewards program and comprehensive benefits, making it ideal for those who spend heavily in its bonus categories and seek travel perks. However, the Scotia Momentum Visa Card is a great choice for individuals who prefer a low-fee card with straightforward cashback rewards, especially if they do not require the extensive benefits offered by the Cobalt Card.